Sustainability Demensions for Business

594 Words Jan 28th, 2018 2 Pages
Sustainability is mostly understood as a one dimensional phenomenon that is in relation to environment but it is a three dimensional phenomenon consisting of environmental, social and economical dimensions. Reconciliation of environmental, social equity and economic demand; form the three important pillars of sustainability and are best described as 3 Es of sustainability. In the recent years there has been an increasing interest in the field of sustainability. The main aspects which run the field of sustainability are increasing demand for more responsible products and services, along with new scientific knowledge. Thus the field of sustainability is rapidly evolving. Companies are taking effective initiatives for making sustainability as part of their business system but are facing failures. These failures are due to three major deficiencies which are as follows:
- Corporate approach is not customer centric.
- Companies do not recognize threat from rising global over-consumption.
- The companies approach is holistically in terms of only one dimension of sustainability that is environmental, and the companies forget to take into account the other two facets of sustainability social and economical. Thus, in order to eliminate above deficiencies Sheth et al.,(2011) put forth the key concept of mindful consumption; hence guiding the companies to incorporate…
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